| The economic of China has developed rapidly,but in the process there have also been some social problems and social contradictions.In particular,the lack of social responsibility in the areas of environment,transportation,and safety has seriously restricted the public’s pursuit of a better life.As a major player in social and economic activities,with the development of the concept of social responsibility,the public’s voice for corporate social responsibility is getting higher and higher.Charitable donations are the highest form of corporate social responsibility,playing an important role in easing social problems and building a harmonious society.With the vigorous development of charitable donations in China,Enterprises have become the main force of charitable donation,it seems that the charitable donations that seem to run counter to the goal of pursuing economic interests will have an impact on corporate performance,and it has become a hot spot to pay attention to and research for enterprises and scholars.This paper studies the relationship between charitable donation and corporate performance in terms of factors affecting charitable giving: corporate heterogeneity and management characteristics.Firstly,based on the strategic philanthropy theory,high-level echelon theory,stakeholder theory and principal-agent theory,this paper selects the panel data of China’s A-share listed companies from 2013 to 2017,establishes a regression mode.Secondly,Verify the main effects of charitable giving and business performance.Including the impact of willingness,intensity and continuity of charitable giving on business performance.Finally,we study the impact of corporate heterogeneity and management characteristics on charitable giving decisions,and the role of regulation in the relationship between charitable giving and corporate performance.Among them,the heterogeneity of enterprises mainly includes: property rights,industries and regions.Management characteristics include management capabilities and management authority.The management power uses principal component analysis to synthesize six indicators into a comprehensive indicator;management capability is measured using the DEA-Tobit two-stage model.The conclusions of this paper are as follows:(1)Charitable donation does help to improve corporate performance.The willingness and intensity of charitable donations are positively related to corporate performance,and continuous donated enterprises can achieve more significant performance.In addition,the impact of charitable donations on financial indicators has a one-year effect and has a long-term positive impact on market value.(2)Non-state-owned,consumer word-of-mouth non-sensitive industries and eastern regions have stronger willingness to donate charities and greater donation intensity;but non-state-owned,consumer-speaking sensitive industries and enterprises in the central and western regions are making positive contributions from charitable donations.The performance effect is more significant;(3)management ability can positively enhance the performance of charitable donations,but reduce the enthusiasm of enterprises to participate in charitable donations;management power is positively strengthening the willingness and intensity of corporate charitable donations but weakens charitable donations The value effect brought about,especially in state-owned enterprises,is weaker.The research in this paper has certain reference significance for enterprise decision-making and government management:(1)Enterprises should treat charitable donations with a strategic perspective,rationally understand the impact of charitable donations,and formulate donations based on external environment and their own strength.The strategy not only aims to prevent blind donations from harming the interests of enterprises,but also actively fulfills social responsibilities;(2)strengthen management capacity building,improve the efficiency and income of enterprise resource transformation;constrain management power and reduce management’s use of power for rent-seeking Space,especially in state-owned enterprises.(3)The government should improve policies related to charitable donations,strengthen supervision and improve supervision;change roles,actively play the role of market regulation,create a fair competitive market environment,and ensure the healthy and stable development of China’s philanthropy. |
